by In today’s tough economy, many South Africans are looking for ways to boost their income. Side hustles have become a popular solution, offering a chance to earn extra cash while keeping a main job.
These part-time gigs not only provide financial security but also allow people to explore their passions and develop new skills.
A recent study showed that 27% of working South Africans already have side hustles. This trend is likely to grow in 2024 as more people seek to diversify their income streams.
From real estate and consulting to e-learning and food services, there are countless opportunities for those willing to put in the effort.
This guide will explore the top 10 most profitable side hustles in South Africa for 2024. We’ll look at what makes these options attractive, how to get started, and what you can expect to earn.
Whether you’re looking to pay off debt, save for a big purchase, or just have more financial freedom, there’s likely a side hustle here that fits your skills and interests.
Let’s dive into these exciting opportunities and see how you can turn your spare time into extra income.
Most Profitable Side Hustles in South Africa
In 2023, personal loan provider Wonga South Africa conducted an in-depth study that delved into the thriving side hustle economy.
The findings highlighted not only the rapid rise in the popularity of these side gigs but also the diverse and dynamic ways in which individuals are embracing entrepreneurship and financial independence.
A recent study found that 27% of working South Africans have side hustles. That’s more than 1 in 4 workers!
Having a side hustle can help in many ways:
- It gives you extra money
- It lets you try new things
- It can lead to a new career
- It helps you learn new skills
In this guide, we’ll look at the top 10 side hustles in South Africa for 2024. We’ll talk about how to start them, what you need to know, and how much you might earn.
Top 10 Most Profitable Side Hustles in South Africa in 2024
Whether you’re looking to pay off debt, save for a big purchase, or just have more spending money, there’s likely a side hustle here for you.
1. Real Estate [Source]
Real estate is one of the most popular side hustles in South Africa. It’s a great way to make money without having to work all the time.
Here are some ways you can get into real estate:
Property Investment:
This means buying houses or apartments and then renting them out. You can make money every month from rent. Over time, the property might also go up in value.
What you need to know:
- You need money to buy property
- You have to look after the property
- You might need to deal with difficult tenants
Rental Income:
This is the money you get from renting out your property. It can be a steady source of income.
How much can you make? It depends on where your property is and how big it is. In big cities, you might make R5,000 to R20,000 per month from one property.
House Flipping:
This means buying a cheap house, fixing it up, and then selling it for more money.
Steps to flip a house:
- Find a cheap house
- Fix it up
- Sell it for more than you paid
Real Estate Consulting:
If you know a lot about buying and selling houses, you can help other people do it. You can advise on:
- Where to buy property
- How much to pay
- How to fix up a house
2. Management Consulting [Source]
Management consulting is when you help businesses solve problems. It’s a great side hustle if you’re good at solving problems and know a lot about business.
Types of consulting services:
- Strategy consulting
- Operations consulting
- HR consulting
- IT Consulting
How to start:
- Choose your area of expertise
- Build a portfolio of work
- Network with business owners
- Create a simple website
Potential earnings:
- New consultants: R500 – R1,000 per hour
- Experienced consultants: R2,000 – R5,000 per hour
Market demand: There’s always a need for good consultants. Small businesses often need help but can’t afford big consulting firms.
3. Investment Management
If you’re good with money, investment management could be a great side hustle. You help people make smart choices with their money.
Personal finance advising
This means helping people manage their money better. You can help with:
- Budgeting
- Saving
- Planning for retirement
Stock portfolio management
This is when you help people invest in stocks. You need to:
- Know a lot about the stock market
- Be able to make smart investment choices
- Keep up with financial news
Qualifications and legal requirements
To give financial advice in South Africa, you need:
- A relevant degree (like finance or economics)
- To pass the regulatory exams
- To register with the Financial Sector Conduct Authority (FSCA)
4. Investment Banking [Source]
Investment banking is all about helping businesses with big financial decisions. It’s a high-paying side hustle, but it’s also very demanding.
Corporate financial services
This includes:
- Helping companies buy other companies
- Advising on how to raise money
- Helping companies go public (IPO)
Capital raising assistance
This means helping companies get money to grow. You might help them:
- Find Investors
- Get loans from banks
- Issue bonds
Mergers and acquisitions consulting
This is when you help companies buy or merge with other companies. You need to:
- Know how to value companies
- Understand complex financial deals
- Be good at negotiating
5. Hospitality
The hospitality industry in South Africa is big and growing. There are lots of ways to make money in this field.
Airbnb and short-term rentals
If you have extra space, you can rent it out on Airbnb. This could be:
- A spare room
- A granny flat
- Your whole house when you’re away
How much can you make? It depends on where you live and how nice your place is. In popular areas, you could make R500 to R2,000 per night.
Event planning and management
This means organizing events like:
- Weddings
- Corporate events
- Birthday parties
Steps to start:
- Build a portfolio of events you’ve planned
- Create a website or social media presence
- Network with venues and suppliers
- Start small and build up
Tourism-related services
South Africa is a popular tourist destination. You could:
- Be a tour guide
- Offer local experiences (like cooking classes or wine tours)
- Provide transport services for tourists
6. Accounting Services
If you’re good with numbers, accounting services can be a profitable side hustle.
Bookkeeping for small businesses
Many small businesses need help keeping track of their money. You can help them:
- Record income and expenses
- Reconcile bank statements
- Prepare financial reports
Tax preparation services
Helping people and businesses with their taxes can be very lucrative. You can:
- Prepare tax returns
- Help plan for taxes
- Deal with SARS on behalf of clients
Financial statement preparation
This means creating reports that show how a business is doing financially. These include:
- Income statements
- Balance sheets
- Cash flow statements
7. Professional Coaching
Coaching is all about helping people improve and reach their goals. It’s a rewarding side hustle that can also pay well.
Business coaching
This means helping business owners improve their companies. You might help with:
- Setting goals
- Improving operations
- Growing the business
Life Coaching
As a life coach, you help people improve their personal lives. This could include:
- Setting and achieving personal goals
- Improving relationships
- Finding a better work-life balance
Career development coaching
This is about helping people with their careers. You might:
- Help people find new jobs
- Advise on career changes
- Improve job-seeking skills (like CV writing and interviewing)
How to start coaching:
- Get trained and certified (not always required, but helpful)
- Choose your niche
- Build a portfolio of clients
- Create a strong online presence
8. E-learning and Online Tutoring
With more people learning online, e-learning and tutoring are growing fast as side hustles.
Creating and selling online courses
You can create courses on almost anything you know well. Popular topics include:
- Languages
- Business skills
- Tech skills
- Hobbies
Steps to create an online course:
- Choose your topic
- Plan your course content
- Record your lessons
- Upload to a platform like Udemy or Teachable
One-on-one tutoring services
This means teaching students directly, usually online. You can tutor in:
- School subjects
- University courses
- Professional skills
Subject-specific educational content creation
This involves creating learning materials like:
- Textbooks
- Study guides
- Educational videos
9. Restaurant and Food Services
The food industry offers many opportunities for side hustles, even if you don’t want to open a full restaurant.
Ghost kitchens and food delivery services
A ghost kitchen is a kitchen that only does takeaways and deliveries. You can:
- Cook from home (if allowed by local laws)
- Rent a commercial kitchen
- Partner with existing restaurants
Catering businesses
Catering means providing food for events. You might cater for:
- Weddings
- Corporate events
- Parties
Specialty food product creation and sales
This means making and selling unique food items. Examples include:
- Artisanal bread
- Homemade sauces
- Specialty cakes
10. Automotive Industry
The car industry offers several side hustle opportunities, even if you’re not a mechanic.
Car flipping
This means buying cheap cars, fixing them up, and selling them for a profit. To do this, you need to:
- Know about cars
- Be able to spot good deals
- Have some mechanical skills (or know a good mechanic)
Auto parts reselling
You can buy car parts cheaply and sell them for a profit. This might involve:
- Buying from scrapyards
- Importing parts
- Refurbishing old parts
Ride-sharing and car rental services
You can make money from your car by:
- Driving for Uber or Bolt
- Renting out your car when you’re not using it
How to Choose the Right Side Hustle?
Picking the right side hustle is important. Here’s how to do it:
Assess your skills and interests
Think about:
- What you’re good at
- What do you enjoy doing
- What skills do you want to learn
Evaluate market demand
Look at:
- What services do people need
- What’s popular in your area
- What problems you can solve
Consider time and resource requirements
Think about:
- How much time you can commit
- What equipment or tools do you need
- How much money do you need to start
Legal and Financial Considerations
Before starting a side hustle, think about these things:
Registering your side hustle
You might need to:
- Register as a business
- Get a tax number
- Get special licenses (depending on what you do)
Tax implications
Remember:
- You need to declare all income
- You can deduct some expenses
- You might need to register for VAT if you earn a lot
Insurance needs
Consider getting:
- Liability insurance
- Professional indemnity insurance
- Equipment insurance
Balancing Your Side Hustle with Full-Time Employment
Having a side hustle and a full-time job can be tricky. Here’s how to manage:
Time management strategies
- Use a calendar to schedule everything
- Set specific times for your side hustle
- Learn to say no to things that aren’t important
Avoiding conflicts of interest
- Check your employment contract
- Don’t use company resources for your side hustle
- Be clear with your employer about your side business
Scaling your side hustle
As your side hustle grows, you might:
- Hire help
- Automate some tasks
- Consider making it your full-time job
Technology and Tools for Side Hustles
The right tools can make your side hustle much easier:
Essential software and apps
- Accounting software (like Xero or QuickBooks)
- Project management tools (like Trello or Asana)
- Communication apps (like Slack or WhatsApp Business)
Online platforms for finding clients
- Upwork
- Fiverr
Digital marketing tools
- Social media management (like Hootsuite)
- Email marketing (like Mailchimp)
- Website builders (like Wix or WordPress)
Also Learn:
Conclusion:
Side hustles are a great way to make extra money and follow your passions.
In South Africa, there are many opportunities across different industries.
Whether you’re into real estate, consulting, food, or something else, there’s likely a side hustle for you.
Remember:
- Choose something you enjoy
- Start small and learn as you go
- Be patient and persistent
The most important thing is to get started. Even a small side hustle can grow into something big over time.
So pick an idea, make a plan, and take that first step towards your new side hustle today!
